Asia advances supported by commodities (MarketWatch) (02-02-2012)

HONG KONG — Asian stocks were supported by commodities and financials after an improvement in manufacturing data buoyed global equities, with Australian stocks snapping out of a three-day rally.

Hong Kong’s Hang Seng Index gained 2% to 20,739.45, while the Shanghai Composite Index added 2% to 20,739.45.

Australia’s S&P/ASX 200 index finished the day with a 1% advance to 4,267.80 and Japan’s Nikkei Stock Average added 0.8% to 8,876.82. South Korea’s Kospi gained 1.3% to 1,984.30, while Taiwan’s Taiex rose 1.4% to 7,652.46.

Commodity-related firms were higher as the manufacturing data worked to soothe worries about the trajectory of global growth and subsequent commodity demand.

BHP Billiton Ltd. rose 1.9% and Rio Tinto Ltd. added 2.9% in Sydney.

In Hong Kong, Aluminum Corp. of China Ltd. gained 3.8% and oil major Cnooc Ltd. rallied 4.1%; in Shanghai.

Shares of Sharp Corp. lost 15.9% in Tokyo after the Japanese consumer-electronics group said that it expected a record net loss of 290 billion yen ($3.81 billion) for the current fiscal year.

Source: MarketWatch